- Are you a first home buyer or wanting to buy land to build your first home on?
- Have you been in the Kiwisaver scheme (or another complying super fund) for at least 3 years?
If the answer to the above questions is “yes” then it is likely that you can use the contributions that you have made and your employer contributions to Kiwisaver to assist you in purchasing your first home.
You may also be entitled to a first home deposit subsidy if:
- Over the last 3 years you have contributed at least 2% of your income to your Kiwisaver (or a complying super fund) scheme;
- you are buying your first home and you plan to live in it for at least 6 months.
The deposit subsidy is the amount of $1,000 for each year you have been paying into a Kiwisaver scheme (up to a maximum of 5 years). This equates to a maximum for an individual of $5,000. If you are a couple then you could qualify for a maximum of $10,000 if you have both been paying into a Kiwisaver scheme for 5 years.
Have a chat with us if you need help with buying your first home. Please feel free to contact us